Shenzhen Honor Electronic (SZ:300870) NORTHEAST SECURITIES·2025-10-31 06:20Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 244.11 yuan for the next six months [4][3]. Core Insights - The company has shown significant growth in its financial performance, with a revenue increase of 27.2% year-on-year to 3.39 billion yuan and a net profit increase of 41.5% to 220 million yuan for the first three quarters of 2025 [1][2]. - The power adapter business is developing steadily, with a focus on new power fields, including applications in electric tools, electric vehicles, and data centers [1][2]. - The company is positioned to benefit from the AI-driven transformation in consumer electronics, with a diverse range of data center power products that cater to various power segments [1][2]. Financial Summary - Revenue projections for 2025-2027 are 4.44 billion yuan, 5.30 billion yuan, and 6.41 billion yuan, respectively, with net profits expected to be 323 million yuan, 447 million yuan, and 563 million yuan [3][2]. - The company’s earnings per share (EPS) are projected to grow from 2.94 yuan in 2025 to 5.12 yuan in 2027, reflecting a strong growth trajectory [3][2]. - The net profit margin is expected to improve from 7.1% in 2024 to 8.8% in 2027, indicating enhanced profitability [3][2].